Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1887-12-17
FULL TEXT
PRESIDENTS MESSAGE.
TARIFF AND
OF THE

national hnances, which imperatively de-
mands immediate and careful consideration.
The amount of money annually received
through the operation of the present laws,
from the industries and necessities of the
people, largely exceeds the sum necessary
to meet the expenses of the government.
When we consider that the theory of our
institutions guarantees to every citizen the
full endowment of the fruits Of his industry
and enterprise, with only such deduction rs
may share toward the careful and economi-
Cal maintenance of the government which
protects him, it is plain that the ~exaction OF
more than this is indefensible and a culpa-
bile betrayal Of fairness and justice. This
wrong, inflicted upOn those who
bear the burden of national taxation, like
other wrongs, multlpl4o9 u brood of evil
consequences.
The public treasury, which should only
exist as a conduit, conveying the peoples
tribute TO the legitimate objects of it's ex-
penditrre, becomes a boarding place for
money needlessly withdrawn from the trade
and the people use, thus
GRIPPING OUR NATIONAL ENERGIES,
venting investment in productive enter
prises, threatening disturbance and working
schemes Of public plumber.
This condition of our treasury Is not alto
gether new. and it has more than once of late
been submitted to the people s representa-
tiyes III the congress, who alone can apply
n remedy; and yet the situation still con-
tinues with aggravated Incidents, more than
ever %presaging financial CONFUSION and
widespread disaster. 1t will not do TO neg
lect this situation, because its dangers are
now palpably imminent and apparent. They
exist zone in the less certainly and the I'M
f~oreseen and unexpected occasion, when sud-
denly they will be p%recipitated upon Us.
On the Goth of June, 1855, the excess of
revenue over public expenditures, after COM
plying with the annual requirements of the
sinking fund act, was SIT, 800, 735. ~; dur
ing the year ended June 80, 1886, such ex-
cess amounted to so, 40j, 5i5. 20, and during
tle year ended June 80, 1887. it reached the
sum of $40, 667, SO. ~.
The annual contributions 10
THE SINKING FUND,
during the three years alone specified,
amounted in the aggregate to $l3, 500, $780,,
and deducting from the surplus as stated,
were made by calling in for that purpose
outstanding 3 per cent. bonds Of the gov
eminent. During the six months prior to
June 30, 1887, the surplus revenue had
grown SO large by repeated accommodations,
and it was feared the withdrawal of this
great sum of money needed 10y the people
would so affect the business of the country,
that the sun of $79, S6i, 100 of such sur
plus was applied to the payment of the
principal and interest of 3 per cent. bonds
still outstanding, and which were then paya-
BILE at the option Of the government.
The precarious condition OF financial at
fairs among the people still needing relief,
Immediately after the %Dth day OF June,
1887, the remainder OF the } per cent. bonds
then outstanding. amounting, with princl-
pal and interest, to the sum of SIS, 81, so.
were called and applied to the sinking fund
contributions for the current fiscal year.
Notwithstanding the operations of the
treasury department. the presentation of
DISTRESS IN BUSINESS CIRCLES
not only continued, but increased, and alb
solute peril seemed at hand. In these cir
cuInstances the contribution to the sinking
fund for the current fiscal year was at once
completed 10y the expenditure of $27, 66i,-
2S3. 50 in the purchase of government
bonds not yet due, bearing 4 and "A per
cent interest, the premium paid thereon
averaging "A per cent. for the former, and
B per cent for the latter.
In addition TO this, the interest account
accrulng during the current year upon the
outstanding bonded Indebtedness Of the
government was TO some extent anticipated,
md banks selected as repositories Of public
money were permitted TO somewhat in
crease their deposits, While tine eSpedients
nus employed 70 release TO the people the
money lying "a the treasury served TO avert
Immediate danger, our surplus revenues
have
CONTINUED 10 ACCUMULATE,
Me excess for the present year amounting, on
She first day Of December, to $50, 21S, 81 10.
and estimated TO reach the sum Of Sll3, ODO,-
300 on the Goth Of June next, at which date
it is expected that this sum, added to prior
accumulations, will swell the surplus in the
treasury to $40, 0O0, OOO. There seems TO
be no assurance that with such a withdrawal
from use OF the peoples circulating me-
dunn, the business community may not in
the near future be subjected to the same dis
tress which was quite lately produced from
the same cause, and while the functions of
our national treasury should be few and
simple, and while its best condition would
be reached, | believe, by its entire discon-
nection with the private business interests,
yet when by a perversion of its purposes it
idly holds money uselessly subtracted from
the hannels of trade, there seems to be
reason for the claims that a legitimate
means should be devised by the government
to restore, in an emergency, without
waste or extravagance, such money
to a place among the people.
III such an emergency arises, there now
exists no clear and undoubted
EXECUTIVE OF RELIEF.
Heretofore tho redemption of the 3 per
cents only, which were payable at the OPP
ton of the government, has afforded a
means for the disbursement of the excess of
our revenues; but these bonds have all been
retired, and there are no bonds outstand-
ing the payment of which we have the right
to insist upon.
The contribution to tho sinking fund,
which furnishes the occasion for expendi-
lures in the purchase of bonds, has been al
ready made for the current year, SO there is
no outlet in that direction. In the present
state of legislation the pretense Of any ex-
ecutive power to restore, at this time, any
part of the over surplus revenues to the
people by its expenditures, consists in the
supposition that the secretary of the treas
ury may enter the market and purchase
the bonds of tho government rot yet due,
at q rate of premium 10 ; agreed upon.
The only provision Of law from which such
n power could be derived is found in an
appropriation bill passed n numbe of years
ago, and il is subject to the superstition that
il was intended as temporary and limited in
its application, instead Of comforting a
CONTINUING DISCRETION AND AUTHORITY.
No condition ought to exist which would
Justify the grant of power to n single OH
cial, upon his judgment of its necessity, 10
withhold from or release to the business OF
the people, in an unusual manner, money
held in the treasury, and thus affect, at his
will, the financial situation OF the country;
and if it is deemed wise to lodge in the sec
rotary of the treasury the authority, in the
present juncture, TO purchase bonds, he
should be plainly vested and provided, rs
far IA possible, with such checks and liml-
tations as'will define his official right and
discretion, and ut the same time relieve him